We are facing real problems of overcapacity

The Italy timidly out of the crisis. What balance are you getting of the year 2009

We have to live the worst crisis since the second world war. The contraction of the economy was violent and has affected all sectors or almost. Today, the financial markets function again normally, creating the conditions for a reboot. Nevertheless that recovery in Europe is very timid, while some parts of the world such as China, the India or the Brazil began to grow more than significantly.

What may be the vectors of the recovery

In the euro area, talking 1 growth this year. This is not a comforting figure when we think about the amount of money injected into savings through Government stimulus. The main challenge we face is to find a suitable activity level, without extending too long support to investment and consumption.

Is Italy, the priority not to stop the flight of a public debt that beats the record of Europe, before the Greece

In the world's largest economies, public debt to GDP is at record levels. What was once a specifically Italian anomaly today is a problem faced by all Western countries. The decrease in public expenditure is therefore a priority for everyone. But it should not only think in terms of public debt. At home, the private sector is very little debt. Result, the overall indebtedness of the Italy rate is much lower than many others, as demonstrated by a recent McKinsey study.

You understand that the Italy is cited as a risk Can we fear a spread of the Greek crisis

Worsening of the Greek crisis would pose a serious problem in Europe, not only in the Mediterranean countries. It seems that there is a political will to help Athens and to avoid contagion. In Italy, in any case, the situation is not comparable to that of the Greece. Our budget deficit is much lower. And I repeat: the Italian private companies are less indebted and households continue to save in significant proportions. Our financial system, often accused of being too closed and too provincial, it better resisted than others and did not need stimulus.

The rescue of the Greece by Europe you think he adapted to the situation

In my view, the IMF would have been the ideal solution because this organization has the expertise, for having managed in the past of still more complicated cases. It would be also preferable, politically, it negotiates with Athens the conditions of a support plan and which checks compliance over time. This crisis shows the limits of the current European integration model. I hope that in the medium term the Union will be stronger and able to prevent this kind of risk.

In these circumstances, do you fit the Italian debate on the tax cuts

Our system is undoubtedly too complex, simplify. The question is when and how. For the time being, in view of the increase in public debt, I find it unrealistic to consider a reduction in tax revenue of the State. In reality, the most important challenge, here as in the United States, is the high level of unemployment. In 2009, the Italy lost 500,000 jobs and the phenomenon is likely to continue. Companies who have been forced to restructure and lay off are in a position to wait and are not ready to rehire him. The most serious are all unemployed people who will now arrive at the end of rights.

Automotive OEM, you how respond you to the announcement of the Berlusconi Government, last week, to terminate the premium case-sensitive

Last year, must be to prevent the sinking of the whole automotive industry. However, public aid have had perverse effects. They left believing that developed countries industrial tool was adapted. It is completely false. We are facing real problems of overcapacity. When I see that in Germany car sales reached a record level in 2009, I tell myself that there is a problem. Indeed, there also, case-sensitive premiums ceased and German manufacturers plan to sell one million vehicles less this year. It is evidence that some States may have are too it.

The holding company that you have, CIR, conducted the better performance of the stock market in Milan in 2009, with an increase of 150. How you discuss 2010

The performance of our scholarship course means much and little at the same time. One thing is certain: our diversification strategy demonstrates its relevance. If it had been too extensive, society would become unmanageable. If it had been too timid, we would have much more exposed to the recession. I remember having heard the market advise us to focus on one or the other

our trades... Fortunately we have not done! Our portfolio is now five areas of activity, it is reasonable and balanced.

In energy, are you not confronted with a problem of size

Being smaller than the other has drawbacks and benefits. In a stable market, the only way to grow is to capture the customers of competitors, which takes time. Our energy company, Sorgenia has the chance to be born ten years ago, at the same time as the new environmental issues. That we produce more clean energy in the country, with combined cycle generation plants, wind farms and photovoltaic technology. This is a deposit of jobs and a vector of economic recovery! Technological innovation opens broad horizons to those who want to produce energy at competitive costs and in respect for the environment. Europe would be well advised to adopt a speech coordinated the development of renewable energy, from the perspective of post-Kyoto. I think that today ' hui energy can play in our continent the role which has been automotive in the 1960s.

Do you believe in the return of nuclear power in Italy

If return of nuclear energy, Sorgenia may play a role. Except that the file is still at a preliminary stage. Still many problems to resolve, such as the choice of sites, waste treatment and conversion to term. I regret that, in the current debate, says that nuclear power will reduce the price per kilowatt hour. I do not agree. The cost of the EPR reactors is higher than it was originally thought. The right argument for the atom, is that it produces no CO2.

What is your main source of development

Energy mobilizes the majority of our investments, but the crisis is to reduce the consumption of electricity by 6 and 10 gas, creating a situation of major competition. Conversely, the health sector is not affected by the situation. We have had a record year in our homes and convalescent facilities, in which we have 200 beds in more than 60 facilities. In this trade, we still went from zero in 2003. For 2010, we foresee no bending, or in terms of volume, neither in terms of margins, for the simple reason that the Italy is a progressive transfer of public health to the private sector and that the population is ageing.

In this case, why French operators as general health withdrew peninsula

In our globalized world, health is a local trade. Transnational economies of scale do not exist, because the application and expertise differ from one country to another. Same auto filter can be sold everywhere on the planet while a person does not have the same mobility. For us, we have ambition to consolidate our positions of leadership in our domestic market, without venture abroad.

With the L'Espresso group and its newspaper, "La repubblica", you are a major player in the media. How do you see the future of the press

The last 18 months have been very difficult because of an economic crisis marked by the collapse of the advertising. It was added to a structural factor that prevailed prior to 2008, namely, Internet technology, which deeply changes the mode of media consumption. Espresso has been confronting these challenges before the others, by reducing its fixed costs of EUR 140 million per year, without any strike and by strengthening its presence in new media.

Should still produce paper, according to you

The Internet is a tool for dissemination of content to different audiences of traditional paper newspaper. They will continue to play a central role and the two are complementary. For evidence: the site of "La repubblica" receives 1.5 million visitors per day, and when it launches a petition, it can collect up to 500,000 signatures in a few days. The paper journal has a future in its ability to criticize and to propose, through its editorial line and the professionalism of its drafting. The important thing is to produce quality content of interest to readers.

Fininvest, the holding company of the Berlusconi family, was sentenced recently you compensation in the amount of EUR 750 million for the Mondadori editor you have delighted in the 1990s. What will you do with that money

The judgment at first instance relied on undeniable facts of corruption that had prevented CIR, at the time, retain control of Mondadori. We have to obtain compensation for the damage but Fininvest has appealed. We expect the next deadlines in a great serenity, convinced of our properly. However, our business strategy is not dependent on this trial. This sum would be an important resource which could be used in the development of our activities, but we rely on them to continue to work.